By - Press Release
Category - Sell Scrap Gold
Posted By - http://tinyurl.com/SellWatches
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| Sell Scrap Gold |
Bullion futures contracts are likely to trade lower next week due to appreciation in the rupee, and long liquidation in benchmark COMEX contracts. On COMEX, bullion futures are seen trading with a weak bias as investors may book profits as the near term direction of precious metals remains uncertain. Although Spot gold was little higher last week on comex following a slightly-better-than expected reading on Chinese 4Q growth.
Physical demand for gold remains healthy, with consistently strong buying in India and China since mid- December. MCX Gold Feb contract has turned negative on chart and expected to remain weak unless trades above 31210. Market will turn positive if market holds and trades above this. Traders can sell on small pullback; initial targets are seen near 29930 and 29347, if market breaks critical support of 30300.
Recommendation Traders are advised to sell below Rs 30300 for target of Rs 29930-29400 with stop above Rs 30540.
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